CHARACTERISTICS OF THE GEM

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01. (E) ITE (QR) GEM

ITE (Holdings) Limited First Quarterly Report 2001/2002CHAIRMAN’S STATEMENT (Con’t)• Within the campus market, we have continued to promote our solutions and toenhance the existing services to both our existing and new clients. During thePeriod, we were awarded the first campus smartcard project of the University ofScience and Technology. The project, which is scheduled to be completed in thethird quarter, is the first Java card based campus solution in Hong Kong.• For overseas business expansion, we continue to negotiate for new projects inthe PRC and other South East Asia countries. The incorporation of our wholly-ownedsubsidiary in the PRC, ITE (China) Limited, was approved by the Shanghai governmentauthorities on 27 June 2001. ITE (China) Limited was incorporated as a foreignenterprise in the PRC to be engaged in R&D, production, project implementation,sales and marketing. The successful incorporation of ITE (China) Limited representsa big step for us in the tremendous market of the PRC.OutlookWe see exciting and positive opportunities for future growth, particularly on our corebusinesses building on smartcard and RFID technology and the enhancement ofservices. We are confident that our commitment to the development of our businesswill lead to further strengthening of our leading position.I would like to take this opportunity to express my deepest gratitude to all membersof the Board and staff for their dedication and contribution to our Company and tothose who have continuously supported us.Lau Hon Kwong, VincentChairman and Chief Executive OfficerHong Kong, 13 August 2001P04

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